Need to send money to Mexico? While most people are familiar with bank-to-bank or mobile transfers here in the United States, sending money across international borders is more complex. While we share a border with Mexico to the south, the United States and Mexico use different currencies. Send money to Mexico with ease – start your secure transfer today! https://joingerald.com/transfer/mexico

As a result, you must consider the exchange rate and how that will affect how much money your recipient gets. Whether you're sending money to family or paying for an international purchase, here's what you need to know.

About Mexican Currency

The official currency of Mexico is the Mexican Peso (MXN). Like United States currency, a single Mexican Peso subdivides into smaller units called "centavos." From a mathematical standpoint, understanding Mexican money is simple. A Peso divides into 100 centavos, just like a United States dollar divides into 100 cents.

Current Exchange Rate

While the currency works similarly between the United States and Mexico, it's not a dollar-for-dollar exchange. The Mexican Peso is not worth the same amount as a U.S. dollar. Therefore, you must understand the exchange rate to ensure you get the most value for the money you send.

Exchange rates are ever-changing. They can fluctuate regularly, even changing values multiple times within a single day. Most financial institutes and exchanges will set a rate once per day. Exchange rates are often floating, adjusting based on several factors.

As of August 2023, the exchange rate for the Mexican Peso is roughly 17. That means one U.S. dollar is equivalent to 17 Pesos.

Why the Exchange Rate Matters

Understanding the exchange rate is crucial when you want to send money to Mexico. Why? It affects how much money your recipient gets after the transfer.

For example, say you plan to send 100 U.S. dollars to a relative in Mexico. Today, the exchange rate is 17.0601. As a result, your recipient will get 1,706 Mexican Pesos and roughly 66 centavos. But if the exchange rate is 17.1238 tomorrow, they'd get 1,712 Pesos and 38 centavos.

It doesn't seem like much, but you must also consider any related fees for the transaction. Many people who send money internationally will track exchange rates to maximize how much recipients get.

Author Resource:-

Emily Clarke writes about cash advances, overdraft protection & finance apps. You can find her thoughts at money transfer app blog.